Reno, Nevada

What is the outlook for Reno, Nevada in 2018?

Some key factors are continued redevelopment, growing population, and possible gentrification.

There is the trend of increasing population and job growth in Reno. This will cause continued new construction of homes and growth of businesses in the area.

Reno-Sparks Valley is large. Because of this, more new construction of homes will be built in the North Valleys as well as in the direction of Washoe Valley.

There are greater than 100 development projects which are planning 59,000 home units underway in the Reno-Sparks-Cold Springs-Verdi area. A particularly big one is Evans Ranch close to Cold Springs with 5,600 units. Also, there is the 4,000 unit Kiley Ranch located in Spanish Springs.

Because the population is increasing, there is an increasing demand for homes of all types. This demand will increase. Quite a few home developers are leaning toward building luxury homes and luxury multifamily buildings. This creates a higher priced home market and a big rent market.

When it comes to commercial real estate, some developers are searching for alternatives having to do with smaller projects.  This includes mixed-use home projects and redevelopment of motels. There is also the recommendation of increased development of infill as well as density being given to developers and planners. This would result in lower infrastructure expenditures, and give increased opportunity for  middle-income level home choices people.

And, it would be so helpful to a great part of the population that cannot afford luxury living. Builders can make big money when it comes to luxury construction, but things need to be done to help those who are not able to afford the luxury lifestyle.

One question being asked is: will the next great redevelopment opportunity in Reno, Nevada be weekly motels? The problem is that developers are saying that the costs for hook-ups of sewers make density harder to accomplish, and less cost effective than constructing big homes and selling them for greater prices.

The challenge will be for the city in 2018 to discover ways to cause density to be higher in cost effectiveness.

To research current prices for Commercial Properties for Sale in Reno, go to:

Loopnet.com